Proof of the Dangers of Bottom-Fishing
I, your humble GMX, am not the sharpest tool in the shed so to speak. That said, I was shocked, absolutely shocked in fact to learn that I was the score leader for Citigroup (C) with roughly 150 points. This is a stock I've never traded with real money and have only picked 4 or 5 times here on CAPS. The bulk of my points came from two lucky green thumbs, the first in the fall market crash and the second just last week. I got in at 1.65 and here we sit at 2.50 now. Am I an expert on the stock? Most definitely not. I wouldn't buy shares of this under any circumstance no matter how bullish my technical indicators looked (and they looked very bullish--hence the green thumbs.) Now, the question is, of all the people who profess to be geniuses who always buy the bottom tick on a stock--why aren't YOU the score leader on C? Just over the past year, the stock has gone from 27 to 14 to 22 to 13 to 24 to 12 to 19 to 3 (!) to 9 to .97 to 2.50. It's shameful that the score leader only has 150 points on this stock with all this volatility. Where are all the gurus who always go posting, I bought xxxxx # of shares at 2.90 and unloaded at 9 the next week, why aren't you scoring better than oblivous old GMX on C--a stock that I don't even have on my quote board most days?
I'm on spring break so expect part 2 of my gold series and the next part of my retrospective shortly, but for now as I've finally recovered from some grueling classwork, let's talk about C for a bit.